First-Time Buyer Share Slips; Underwater Owners Bailed Out by Equity Surge; Rates are MUCH Higher

First-Time Buyer Share Slips; Underwater Owners Bailed Out by Equity Surge; Rates are MUCH Higher

Existing home sales ended two months of gains in August, falling 2.0 percent on a seasonally adjusted basis from the previous month. The National Association of Realtors® (NAR) said preowned single-family homes, townhomes, condominiums, and cooperative apartments sold at an annual rate of 5.88 million units during the month compared to 6.00 million in July. Sales were 1.5 percent lower on an annual basis. The dip was expected, and sales came in only slightly under the levels predicted by Econoday and Trading Economics. Their respective consensus estimates were 5.90 and 5.89 million. Single-family home sales decreased to a seasonally adjusted annual rate of 5.19 million in August, down 1.9 percent from 5.29 million in July and 2.8 percent fewer than the rate in August 2020. Condominiums